Kong tapped as Fubon's new president

Fubon Financial Holding Co (富邦金控), the nation's third-largest financial group by assets, yesterday named CFO Victor Kong (龔天行) as its new president, replacing Richard Tsai (蔡明興).

In a statement filed to the Taiwan Stock Exchange, the company said that Tsai will remain as the firm's vice chairman and chief executive officer. The appointment will take effect after approval from financial regulators, the statement said.

Fubon Financial's board made the decision yesterday to comply with a new measure set by the Financial Supervisory Commission. The new measure, which the commission passed in February this year, stipulates that starting tomorrow, chairpersons and presidents of the nation's financial holding firms can only serve concurrently in a maximum of one other chairmanship at subsidiaries.

Under the new requirement, Shinkong Financial Holding Co (新光金控) chairman Eugene Wu (吳東進) and SinoPac Financial Holding Co (建華金控) chairman Ho Shou-chuan (何壽川) may have to adjust their positions within their conglomerates.

Currently, Wu also heads Shinkong Life Insurance Co (新光人壽), Shinkong Wu Ho-su Memorial Hospital (新光醫院) and the Great Taipei Gas Corp (大台北瓦斯), while Ho leads International Bank of Taipei (台北商銀) and Yuen Foong Yu Paper Manufacturing Co (永豐餘造紙).